FORM
6-K
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 UNDER THE SECURITIES
EXCHANGE ACT OF 1934
For the
month of November 2009
Commission
File Number: 001-33869
|
Star
Bulk Carriers Corp.
|
|
(Translation
of registrant’s name into English)
|
|
7,
Fragoklisias Street, 2nd
floor, Maroussi 151 25, Athens, Greece
|
|
(Address
of principal executive office)
|
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Form 20-F
[X] Form 40-F
[ ]
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1): ___
Note: Regulation S-T
Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted
solely to provide an attached annual report to security holders.
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)7: ___
Note: Regulation S-T
Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted
to furnish a report or other document that the registrant foreign private issuer
must furnish and make public under the laws of the jurisdiction in which the
registrant is incorporated, domiciled or legally organized (the registrant’s
“home country”), or under the rules of the home country exchange on which the
registrant’s securities are traded, as long as the report or other document is
not a press release, is not required to be and has not been distributed to the
registrant’s security holders, and, if discussing a material event, has already
been the subject of a Form 6-K submission or other Commission filing on
EDGAR.
INFORMATION
CONTAINED IN THIS FORM 6-K REPORT
Attached
as Exhibit 1 is a copy of the press release of Star Bulk Carriers Corp. (the
“Company”), dated November 23, 2009, containing the Company’s presentation of
its financial results for the three and nine months ended September 30,
2009.
This
report on Form 6-K, except for the sections entitled “Akis Tsirigakis, President
and CEO of Star Bulk commented” and “George Syllantavos, Chief Financial Offer
of Star Bulk commented” is hereby incorporated by reference into the Company’s
registration statement on Form F-3 (File No. 333-153304) that was filed with the
U.S. Securities and Exchange Commission (“Commission”) with an effective date of
November 3, 2008, and the Company’s registration statement on Form F-3 (File No.
333-156843) that was filed with the Commission with an effective date of
February 17, 2009.
Exhibit
1
STAR
BULK CARRIERS CORP. REPORTS FINANCIAL RESULTS
FOR
THE THIRD QUARTER AND NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2009
ATHENS, GREECE, November 23,
2009 – Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (Nasdaq:
SBLK), a global shipping company focusing on the transportation of dry bulk
cargoes, announced today its unaudited financial and operating results for
the third quarter and nine-month period ended September 30, 2009.
Akis Tsirigakis, President and CEO of
Star Bulk commented: ”We are pleased to report strong operational
results for the third quarter of 2009, exceeding expectations. Excluding
non-cash items, Net Income for the quarter was $12.4 million or $0.20 per share
and adjusted EBITDA was $28.3 million. Our cost control campaign has generated
tangible results, General and Administrative expenses decreased by 37%, while
vessel operating expenses decreased by $1.9 million or 20%, compared with the
third quarter of last year. Our efforts were aided by the transfer in-house of
the technical management of our fleet.
During
the quarter we further enhanced our Company’s financial and operational
stability. We secured new time charters with reputable charterers improving the
quality and visibility of our earnings and achieving 100% charter coverage for
our fleet for 2009, 85% for 2010 and 42% for 2011. Evidencing our strong
financial condition, after securing the required consent of our lenders, we
declared a dividend of $0.05 per common share, thereby continuing to reward our
shareholders with regular dividends.
With a
young and modern fleet, low debt level, experienced management, efficient
in-house technical and commercial fleet management, strong charter coverage and
high liquidity, our Company is well positioned for continued growth creating
value for its shareholders.”
George Syllantavos, Chief Financial
Officer of Star Bulk commented: ”As of September 30, 2009, our
senior debt was $259.5 million while our cash position stood at $63.3 million,
translating into a net debt of approximately 25% of our total assets. We have
already prepaid our debt installment scheduled for December 2009, thereby
reducing our interest expense. Our remaining principal debt repayments are
approximately $60 million for 2010, $32 million for 2011, thereafter reducing to
approximately $25 million annually while we have no other capital expenditure
commitments. The high contract coverage on our fleet generates positive cash
flows which are expected to further reinforce our cash reserves while the
in-house technical management of our fleet generates significant operational
efficiencies and cost savings.”
Fleet Profile (As of
November 23, 2009)
|
Vessel Name
|
Type
|
DWT
|
Year Built
|
|
Star
Alpha (1)
|
Capesize
|
175,075
|
1992
|
|
Star
Beta
|
Capesize
|
174,691
|
1993
|
|
Star
Sigma
|
Capesize
|
184,403
|
1991
|
|
Star
Ypsilon
|
Capesize
|
150,940
|
1991
|
|
Star
Gamma
|
Supramax
|
53,098
|
2002
|
|
Star
Delta
|
Supramax
|
52,434
|
2000
|
|
Star
Epsilon
|
Supramax
|
52,402
|
2001
|
|
Star
Zeta
|
Supramax
|
52,994
|
2003
|
|
Star
Theta
|
Supramax
|
52,425
|
2003
|
|
Star
Kappa
|
Supramax
|
52,055
|
2001
|
|
Star
Omicron
|
Supramax
|
53,489
|
2005
|
|
Star
Cosmo
|
Supramax
|
52,247
|
2005
|
|
Grand
Total
|
12
|
1,106,253
|
___________________
(1) The
Company has agreed to sell the Star Alpha to a third party for a contracted sale
price of $19.85 million. The Company expects to deliver the vessel to the buyers
in December 2009.
Third Quarter 2009 and 2008
Results
For the
quarter ended September 30, 2009, total revenues amounted to $33.6 million
compared to $65.2 million for the quarter ended September 30, 2008 mainly due to
lower charter rates for most of our vessels imposed by the market.
Operating loss amounted to $70.7 million for the quarter ended September
30, 2009 compared to operating income of $37.6 million for the quarter ended
September 30, 2008. Net loss for the third quarter of 2009 amounted to
$72.9 million or $1.19 loss per share calculated on 61,049,760 weighted average
number of shares, basic and diluted. Net income for the third quarter of 2008
amounting to $35.2 million or $0.63 per basic share calculated on 55,873,973
weighted average number of shares, $0.62 per diluted share calculated on
56,971,504 weighted average number of shares.
The third
quarter of 2009 net loss figure includes the following non-cash
items:
|
|
·
|
Impairment
loss of $75.1 million or $1.23 per basic and diluted share, in connection
with the sale of the vessel Star Alpha, which has been classified as an
asset held for sale and recorded at fair value less cost to
sell.
|
|
|
·
|
A
loss of $10.1 million or $0.17 per basic and diluted share associated with
a loss on the time charter agreement termination which mainly relates to
the reversal of unamortized fair value of an above-market acquired time
charter on a vessel due to an early redelivery
date.
|
Third
quarter of 2008 net income figure includes the following non-cash
items:
|
|
·
|
Gain
of $1.02 million, or $0.02 per basic and diluted share, in connection with
the sale of the vessel Star Iota.
|
|
|
·
|
Net
revenue of $16.89 million or $0.30 per basic and diluted share,
representing amortization of fair value of below/above market acquired
time charters, attached to vessels acquired, over the remaining period of
the time charter into revenue.
|
|
|
·
|
Expenses
of $0.44 million, or $0.01 per basic and diluted share relating to
stock-based compensation recognized in connection with the vesting of a
portion of 315,000 restricted common shares issued to
directors.
|
Adjusted
EBITDA for the third quarter of 2009 and 2008 excluding the above items was
$28.3 million and $34.2 million, respectively. A reconciliation of EBITDA and
adjusted EBITDA to net cash provided by cash flows from operating activities is
set forth below.
Total
expenses, excluding the impairment loss from the sale of vessel Star Alpha,
decreased approximately 16% to $24.1 million for the three-month period ended
September 30, 2009 compared to $28.6 million for the three-month period ended
September 30, 2008 mainly due to lower vessel operating expenses and a gain of
$2.8 million related to FFA’s. Vessel operating expenses were $7.5 million for
the third quarter of 2009 compared to $9.4 million for the same period last
year. The decrease in vessel operating expenses is mainly due to the
change of management of half of our vessels during the three-month period ended
September 30, 2009. Vessels managed in-house are proving to be substantially
more cost effective than vessels managed by third party managers.
Depreciation
expenses decreased to $13.7 million for the third quarter of 2009 from $14.0
million for the third quarter of 2008.
General
and administrative expenses decreased approximately 37% to $1.7 million for the
quarter ended September 30, 2009 from $2.7 million for the quarter ended
September 30, 2008, respectively. This decrease is mainly due to lower
stock-based compensation expense.
Dividend
Declaration:
On
November 6, 2009, the Company announced that its Board of Directors declared a
cash dividend of $0.05 per outstanding share of the Company’s common stock for
the three months ending September 30, 2009. The dividend is payable on or about
December 4,2009 to shareholders of record as of November 27, 2009. The Company
received written consent from each of its lenders for the declaration and
payment of this dividend in respect of the third quarter of 2009, as required
under the terms of the Company’s waiver agreements with its lenders, in effect
up to February 2010.
Nine-month period ended
September 30, 2009 and 2008 Results
For the
nine-month period ended September 30, 2009, total revenues amounted to $111.1
million compared to $166.1 million for the nine-month period ended September 30,
2008. This decrease is mainly due to lower charter rates earned for most of our
vessels during 2009. Operating loss amounted to $46.5 million for the
nine-month period ended September 30, 2009 compared to operating income of $88.5
million for the nine-month period ended September 30, 2008. Net loss for
the nine-month period ended September 30, 2009 amounted to $53.9 million
representing $0.89 loss per basic and diluted share calculated
on 60,813,996 weighted average number of shares. Net income for the nine-month
period ended September 30, 2008 amounted to $83.5 million or $1.63 per basic
share calculated on 51,201,845 weighted average number of shares, and $1.54 per
diluted share calculated on 54,200,802 weighted average number of
shares.
Nine-month
period ended September 30, 2009 net income figure includes the following
non-cash items:
|
|
·
|
Impairment
loss of $75.1 million or $1.23 per basic and diluted share, in connection
with the sale of the vessel Star Alpha, which has been classified as an
asset held for sale and recorded at fair value less cost to
sell.
|
|
|
·
|
Net
revenue of $5.4 million or $0.09 per basic and diluted share, representing
amortization of fair value of below/above market acquired time charters,
attached to vessels acquired, over the remaining period of the time
charter into revenue.
|
|
|
·
|
A
gain of $0.8 million or $0.01 per basic and diluted share associated with
the gain on the time charter agreement termination which mainly relates to
the reversal of unamortized fair value of below-market acquired time
charter on a vessel due to an early redelivery
date.
|
|
|
·
|
Expenses
of $1.8 million, or $0.03 per basic and diluted share relating to the
stock-based compensation recognized in connection with the vesting of a
portion of 1,385,000 restricted shares (vested and unvested) issued to
directors and employees.
|
Nine-month
period ended September, 2008 net income figure includes the following non-cash
items:
|
|
·
|
Vessel
impairment loss of $3.6 million, or $0.07 per basic and diluted share, in
connection with the sale of the vessel Star
Iota.
|
|
|
·
|
Net
revenue of $51.8 million, or $1.01 and $0.96 per basic and diluted share,
respectively, attributable to the amortization of the fair value of time
charters attached to vessels acquired, over the remaining period of the
time charter.
|
|
|
·
|
Expenses
of $2.7 million, or $0.05 per basic and diluted share, respectively,
relating to the stock-based compensation recognized in connection with the
vesting of a portion of 315,000 restricted common shares issued to
directors.
|
Adjusted
EBITDA for the nine-months period ended September 30, 2009 and 2008 excluding
all the above items was $69.6 million and $78.0 million respectively. A
reconciliation of EBITDA and adjusted EBITDA to net cash provided by cash flows
from operating activities is set forth below.
An
average of 12 and 10.3 vessels were owned and operated during the nine-months
period ended September 30, 2009 and 2008, respectively, earning an average TCE
rate per day of $31,515 and $43,353, respectively. We refer you to the
information under the heading “Summary of Selected Data” later in this release
for further information regarding our calculation of TCE rates.
Total
expenses increased to $88.6 million for the nine-month period ended September
30, 2009 compared to $74.0 million for the nine-month period ended September 30,
2008 due to higher vessel operating and voyage expenses and depreciation as a
result of a longer operation period. Vessel operating expenses were $23.3
million for the nine-month period ended September 30 2009 compared to $19.7
million for the same
period last year. The increase in vessel operating expenses was due to the
operation of a larger fleet, higher crewing and insurance expenses.
Depreciation
expenses increased approximately 29% to $45.2 million for the nine-month period
ended September 30, 2009 from $35.0 million for the nine-month period ended
September 30, 2008 due to a longer operating period of our fleet.
General
and administrative expenses decreased approximately 22% to $6.3 million for the
nine- months period ended September 30, 2009 from $8.1 million the nine-month
period ended September 30, 2008, respectively. This decrease was mainly
due to lower stock based compensation.
Liquidity and Capital
Resources
Cash
Flows
Net cash
provided by operating activities for the nine months ended September 30, 2009
and 2008, was $59.0 million and $83.7 million, respectively. Net cash
provided by operating activities for the nine -month period ended September 30,
2009 was primarily a result of recorded net loss of $53.9 million, adjusted for
depreciation of $45.2 million, and an impairment loss from sale of vessel Star
Alpha which has been classified as asset held for sale and recorded at fair
value less costs to sell of $75.1 million, and amortization of fair value of
below/above market acquired time charter agreements of $5.4 million. Net cash
provided by operating activities for the nine-months ended September 30, 2008
was primarily a result of recorded net income of $83.5 million, adjusted for
depreciation, stock based compensation and the vessel impairment loss related to
the sale of the vessel Star Iota of $41.3 million offset by the amortization of
the fair value of below/above market acquired time charter agreements of $51.8
million.
Net cash
used in investing activities for the nine-months ended September 30, 2009 and
2008, was $21.5 million and $440.8 million, respectively. For the
nine-month period ended September 30, 2009, there was an increase in restricted
cash of $21.5 million relating to the waivers obtained for existing loan
agreements and the FFA’s. For the nine- months ended September 30, 2008
the cash used in investing activities related mainly to the payment of the cash
consideration of $413.4 million paid for our initial fleet, $14.4 million
related to the purchase price allocated to the above-market time charters and
$13.0 million related to an increase in restricted cash.
Net cash
used in financing activities for the nine months ended September 30, 2009 was
$38.4 million as compared to $343.0 million of net cash provided by financing
activities for the nine- months ended September 30, 2008. For the nine months
ended September 30, 2009, net cash used in financing activities consisted of the
payments of loan installments amounting to $37.0 million and a cash dividend
payment of $3.1 million, mainly offset by cash provided from our directors’
dividend reinvestment of $1.9 million. For the nine-month period ended September
30, 2008 net cash provided by financing activities consisted of the drawdown of
$317.5 million related to our loan facilities and the proceeds from exercise of
warrants of $94.2 million mainly offset by $42.8 million of cash dividends paid,
$12.5 million of repayments under our loan agreements and payments of $11.7
million in connection with our repurchase of common stock and
warrants.
Summary of Selected
Data
|
(TCE
rates expressed in U.S. dollars)
|
|||
|
3
months ended
|
3
months ended
|
||
|
September
30, 2008
|
September
30, 2009
|
||
|
Average
number of vessels(1)
|
12.1
|
12.0
|
|
|
Number
of vessels (as of the last day of the periods reported)
|
13
|
12
|
|
|
Average
age of operational fleet (in years) (2)
|
10.6
|
10.4
|
|
|
Ownership
days (3)
|
1,116
|
1,104
|
|
|
Available
days (4)
|
1,056
|
1,090
|
|
|
Voyage
days for fleet (5)
|
1,030
|
1,046
|
|
|
Fleet
utilization (6)
|
97.5%
|
96.0%
|
|
|
Average
per-day TCE rate (7)
|
$45,756
|
$29,474
|
|
9
months ended
|
9
months ended
|
||
|
September
30, 2008
|
September
30, 2009
|
||
|
Average
number of vessels(1)
|
10.3
|
12
|
|
|
Number
of vessels (as of the last day of the periods reported)
|
13
|
12
|
|
|
Average
age of operational fleet (in years) (2)
|
10.6
|
10.4
|
|
|
Ownership
days (3)
|
2,818
|
3,276
|
|
|
Available
days (4)
|
2,629
|
3,192
|
|
|
Voyage
days for fleet (5)
|
2,573
|
3,117
|
|
|
Fleet
Utilization (6)
|
97.9%
|
97.7%
|
|
|
Average
per-day TCE rate (7)
|
$43,353
|
$31,515
|
___________________
(2)
Average age of operational fleet is calculated as at September 30, 2008 and
2009, respectively.
(3)
Ownership days are the total calendar days each vessel in the fleet was owned by
Star Bulk for the relevant period.
(4)
Available days for the fleet are the ownership days after subtracting for
off-hire days with major repairs, dry-docking or special or intermediate surveys
or transfer of ownership.
(5)
Voyage days are the total days the vessels were in our possession for the
relevant period after subtracting all off-hire days incurred for any reason
(including off-hire for dry-docking, major repairs, special or intermediate
surveys).
(6) Fleet
utilization is calculated by dividing voyage days by available days for the
relevant period and takes into account the dry-docking periods.
(7)
Represents the weighted average per-day TCE rates, of our entire fleet. TCE rate
is a measure of the average daily revenue performance of a vessel on a per
voyage basis. Our method of calculating TCE rate is determined by dividing
voyage revenues (net of voyage expenses and amortization of fair value of
above/below market acquired time charter agreements) by voyage days for the
relevant time period. Voyage expenses primarily consist of port, canal and fuel
costs that are unique to a particular voyage, which would otherwise be paid by
the charterer under a time charter contract, as well as commissions. TCE rate is
a standard shipping industry performance measure used primarily to compare
period-to-period changes in a shipping company’s performance despite changes in
the mix of charter types (i.e., spot charters, time charters and bareboat
charters) under which the vessels may be employed between the periods. We
included TCE revenues, a non- GAAP measure, as it provides additional meaningful
information
in conjunction with voyage revenues, the most directly comparable GAAP measure,
because it assists our management in making decisions regarding the deployment
and use of its vessels and in evaluating their financial performance. TCE rate
is also included herein because it is a standard shipping industry performance
measure used primarily to compare period-to-period changes in a shipping
company’s performance despite changes in the mix of charter types (i.e., spot
charters, time charters and bareboat charters) under which the vessels may be
employed between the periods and because we believe that it presents useful
information to investors.
Unaudited Consolidated
Condensed Statement of Operations
|
(Expressed
in thousands of U.S. dollars except for share and per share
data)
|
3
months ended September 30, 2008
|
3
months ended September 30, 2009
|
9
months ended September 30, 2008
|
9
months ended September 30, 2009
|
||||
|
Revenues:
|
65,179
|
33,638
|
166,100
|
111,123
|
||||
|
Expenses:
|
||||||||
|
Voyage
expenses
|
(1,158)
|
(2,859)
|
(2,743)
|
(7,479)
|
||||
|
Vessel
operating expenses
|
(9,413)
|
(7,486)
|
(19,746)
|
(23,325)
|
||||
|
Drydocking
expenses
|
(837)
|
(981)
|
(7,229)
|
(4,754)
|
||||
|
Depreciation
|
(13,993)
|
(13,719)
|
(35,039)
|
(45,216)
|
||||
|
Management
fees
|
(477)
|
(169)
|
(1,067)
|
(702)
|
||||
|
Gain/(loss)
on FFA’s
|
-
|
2,808
|
-
|
(802)
|
||||
|
General
and administrative expenses
|
(2,682)
|
(1,717)
|
(8,126)
|
(6,318)
|
||||
|
Total
expenses
|
(28,560)
|
(24,123)
|
(73,950)
|
(88,596)
|
||||
|
Vessel
impairment (loss)/gain
|
1,017
|
(75,092)
|
(3,625)
|
(75,092)
|
||||
|
(Loss)/gain
on time charter agreement termination
|
-
|
(5,097)
|
-
|
6,082
|
||||
|
Operating
income /(loss)
|
37,636
|
(70,674)
|
88,525
|
(46,483)
|
||||
|
Interest
and finance costs
|
(2,617)
|
(2,382)
|
(5,859)
|
(7,858)
|
||||
|
Interest
income
|
225
|
191
|
871
|
486
|
||||
|
Total
other expenses, net
|
(2,392)
|
(2,191)
|
(4,988)
|
(7,372)
|
||||
|
Net
income / (loss)
|
35,244
|
(72,865)
|
83,537
|
(53,855)
|
||||
|
Earnings/
(loss) per share, basic
|
0.63
|
(1.19)
|
1.63
|
(0.89)
|
||||
|
Earnings
/(loss) per share, diluted
|
0.62
|
(1.19)
|
1.54
|
(0.89)
|
||||
|
Weighted
average number of shares outstanding, basic
|
55,873,973
|
61,049,760
|
51,201,845
|
60,813,996
|
||||
|
Weighted
average number of shares outstanding, diluted
|
56,971,504
|
61,049,760
|
54,200,802
|
60,813,996
|
Unaudited Consolidated
Condensed Balance Sheets
|
(Expressed
in thousands of U.S. dollars)
|
||||
|
December
31, 2008
|
September
30, 2009
|
|||
|
ASSETS
|
||||
|
Cash
and restricted cash
|
31,961
|
35,751
|
||
|
Other
current assets
|
10,312
|
14,698
|
||
|
Vessel
held for sale
|
-
|
19,250
|
||
|
TOTAL
CURRENT ASSETS
|
42,273
|
69,699
|
||
|
Fixed
assets, net
|
821,284
|
681,775
|
||
|
Restricted
cash
|
12,010
|
27,510
|
||
|
Other
non-current assets
|
15,809
|
2,039
|
||
|
TOTAL
ASSETS
|
891,376
|
781,023
|
||
|
Current
portion of long-term debt
|
49,250
|
60,400
|
||
|
Other
current liabilities
|
8,037
|
11,162
|
||
|
TOTAL
CURRENT LIABILITIES
|
57,287
|
71,562
|
||
|
Long-term
debt
|
247,250
|
199,100
|
||
|
Other
non-current liabilities
|
26,699
|
3,495
|
||
|
TOTAL
LIABILITIES
|
331,236
|
274,157
|
||
|
STOCKHOLDERS’
EQUITY
|
560,140
|
506,866
|
||
|
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
891,376
|
781,023
|
||
Unaudited
Cash Flow Data
|
(Expressed
in thousands of U.S. dollars)
|
9
months ended September 30, 2008
|
9
months ended September 30, 2009
|
||||||
|
Net
cash provided by operating activities
|
83,692
|
58,977
|
||||||
|
Net
cash (used in) investing activities
|
(440,789)
|
(21,544)
|
||||||
|
343,006
|
(38,399)
|
|||||||
EBITDA and adjusted EBITDA
Reconciliation
Star Bulk
considers EBITDA to represent net income before interest, income taxes,
depreciation and amortization. EBITDA does not represent and should not be
considered as an alternative to net income or cash flow from operations, as
determined by United States generally accepted accounting principles, (“U.S.
GAAP”), and our calculation of EBITDA may not be comparable to that reported by
other companies. EBITDA is included herein because it is a basis upon which the
Company assesses its liquidity position it is used by our lenders as a measure
of our compliance with certain loan covenants and because the Company believes
that it presents useful information to investors regarding the Company’s ability
to service and/or incur indebtedness.
The
Company excluded amortization of the fair value of above/below market acquired
time charters associated with time charters attached to vessels acquired, vessel
impairment loss, non-cash gain or loss related to early time charter termination
and expenses relating to the amortization of stock -based compensation
recognized during the period, to derive adjusted EBITDA. The Company excluded
the above non-cash items to derive adjusted EBITDA because the Company believes
that these non-cash items do not reflect the operational cash inflows and
outflows of the Company’s fleet.
The
following table reconciles net cash provided by operating activities to EBITDA
and adjusted EBITDA:
|
(Expressed
in thousands of U.S. dollars)
|
3
months period ended September 30, 2008
|
3
months period ended September 30, 2009
|
9
months period ended September 30, 2008
|
9
months period ended September 30, 2009
|
||||
|
Net
cash provided by operating activities
|
36,045
|
16,841
|
83,692
|
58,977
|
||||
|
Net
increase in current assets
|
618
|
2,772
|
2,500
|
3,127
|
||||
|
Net
(increase)/decrease in current liabilities, excluding currrent portion of
long term debt
|
(4,864)
|
6,826
|
(12,954)
|
667
|
||||
|
Amortization
of fair value of above/below market acquired time charter
agreements
|
16,892
|
47
|
51,811
|
5,405
|
||||
|
Vessel
impairment loss/ adjustment
|
1,017
|
(75,092)
|
(3,625)
|
(75,092)
|
||||
|
Other
non cash charges
|
31
|
(6)
|
(43)
|
(6)
|
||||
|
Amortization
of deferred finance charges
|
(66)
|
(313)
|
(147)
|
(498)
|
||||
|
Stock
– based compensation
|
(436)
|
(84)
|
(2,658)
|
(1,750)
|
||||
|
Change
in fair value of derivatives
|
-
|
-
|
-
|
(251)
|
||||
|
Non-cash
(loss)/gain on time charter agreement termination
|
-
|
(10,137)
|
-
|
782
|
||||
|
Net
Interest expense
|
2,392
|
2,191
|
4,988
|
7,372
|
||||
|
EBITDA
|
51,629
|
(56,955)
|
123,564
|
(1,267)
|
||||
|
Less:
|
||||||||
|
Amortization
of fair value of above/below market acquired time charter
agreements
|
(16,892)
|
(47)
|
(51,811)
|
(5,405)
|
||||
|
Vessel
impairment adjustment
|
(1,017)
|
-
|
-
|
-
|
||||
|
Non-cash
(gain) on time charter agreement termination
|
-
|
-
|
-
|
(782)
|
||||
|
Plus:
|
||||||||
|
Stock
– based compensation
|
436
|
84
|
2,658
|
1,750
|
||||
|
Change
in fair value of derivatives
|
-
|
-
|
-
|
251
|
||||
|
Non-cash
loss on time charter agreement termination
|
10,137
|
-
|
||||||
|
Vessel
impairment loss
|
75,092
|
3,625
|
75,092
|
|||||
|
Adjusted
EBITDA
|
34,156
|
28,311
|
78,036
|
69,639
|
Results
of the 2009 Annual General Meeting
All
proposals on the agenda at the 2009 Annual Meeting of Shareholders held on,
November 23, 2009 at the Company’s executive offices were approved and
adopted.
Conference
Call details:
Star
Bulk’s management team will host a conference call to discuss the Company’s
financial results tomorrow, Tuesday, November 24, 2009, at 9:30 a.m., Eastern
Standard Time (EST).
Participants
should dial into the call 10 minutes before the scheduled time using the
following numbers: 1(866) 819-7111 (from the US), 0(800) 953-0329 (from the UK)
or +(44) (0) 1452 542 301 (from outside the US). Please quote “Star Bulk.”A
replay of the conference call will be available until December 1, 2009. The
United States replay number is 1(866) 247-4222; from the UK 0(800) 953-1533; the
standard international replay number is (+44) (0) 1452 550 000 and the access
code required for the replay is: 3128607#.
Slides
and audio webcast:
There
will also be a simultaneous live webcast over the Internet, through the Star
Bulk website (www.starbulk.com).
Participants to the live webcast should register on the website approximately 10
minutes prior to the start of the webcast.
Star Bulk
is a global shipping company providing worldwide seaborne transportation
solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks,
which include iron ore, coal and grain and minor bulks such as bauxite,
fertilizers and steel products. Star Bulk was incorporated in the Marshall
Islands on December
13, 2006 and is headquartered in Athens, Greece. Its common stock and warrants
trade on the Nasdaq Global Market under the symbols “SBLK” and “SBLKW”
respectively. Currently, Star Bulk has an operating fleet of twelve dry bulk
carriers. The total fleet consists of four Capesize, and eight Supramax
dry bulk vessels with an average age of approximately 10.5 years and a combined
cargo carrying capacity of 1,106,253 deadweight tons.
Forward-Looking
Statements
Matters
discussed in this press release may constitute forward-looking statements. The
Private Securities Litigation Reform Act of 1995 provides safe harbor
protections for forward-looking statements in order to encourage companies to
provide prospective information about their business. Forward-looking statements
include statements concerning plans, objectives, goals, strategies, future
events or performance, and underlying assumptions and other statements, which
are other than statements of historical facts.
The
Company desires to take advantage of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The words “believe,”
“anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,”
“may,” “should,” “expect,” “pending” and similar expressions identify
forward-looking statements.
The
forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, examination by the Company’s management of
historical operating trends, data contained in its records and other data
available from third parties. Although the Company believes that these
assumptions were reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are difficult or
impossible to predict and are beyond the Company’s control, the Company cannot
assure you that it will achieve or accomplish these expectations, beliefs or
projections.
In
addition to these important factors, other important factors that, in the
Company’s view, could cause actual results to differ materially from those
discussed in the forward-looking statements include the strength of world
economies and currencies, general market conditions, including fluctuations in
charter rates and vessel values, changes in demand for dry bulk shipping
capacity, changes in the Company’s operating expenses, including bunker prices,
drydocking and insurance costs, the market for the Company’s vessels,
availability of financing and refinancing, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential liability from
pending or future litigation, general domestic and international political
conditions, potential disruption of shipping routes due to accidents or
political events, vessels breakdowns and instances of off-hires and other
factors. Please see our filings with the Securities and Exchange Commission for
a more complete discussion of these and other risks and uncertainties. The
information set forth herein speaks only as of the date hereof, and the Company
disclaims any intention or obligation to update any forward-looking statements
as a result of developments occurring after the date of this
communication.
Contacts
:
Company:
George
Syllantavos
CFO
Star Bulk
Carriers Corp.
c/o Star
Bulk Management Inc.
7
Fragoklisias Str.
Maroussi
15125
Athens,
Greece
www.starbulk.com
Investor
Relations / Financial Media:
Nicolas
Bornozis
President
Capital
Link, Inc.
230 Park
Avenue, Suite 1536
New York,
NY 10169
Tel.
(212) 661-7566
E-mail:
starbulk@capitallink.com
www.capitallink.com
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
|
Star
Bulk Carriers Corp.
|
||
|
Dated: November
27, 2009
|
By:
|
/s/ Prokopios
Tsirigakis
|
|
Name:
|
Prokopios
Tsirigakis
|
|
|
Title:
|
Chief
Executive Officer and President
|
|
SK 25767
0001 1051266